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Monday, April 22, 2024

E-campaign alerting taxpayers to ITR discrepancies


<p>According to a notice from the finance ministry on Sunday, the Income Tax (IT) Department has started an e-campaign to alert some taxpayers about discrepancies in their income tax returns (ITRs) submitted thus far in FY24.</p>
<p><img decoding=”async” class=”alignnone wp-image-497878″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-e-campaign-alerting-taxpayers-to-itr-discrepancies-tax-filing-freepik-11zon-750×422.jpg” alt=”theindiaprint.com e campaign alerting taxpayers to itr discrepancies tax filing freepik 11zon” width=”994″ height=”560″ title=”E-campaign alerting taxpayers to ITR discrepancies 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-e-campaign-alerting-taxpayers-to-itr-discrepancies-tax-filing-freepik-11zon-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-e-campaign-alerting-taxpayers-to-itr-discrepancies-tax-filing-freepik-11zon-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-e-campaign-alerting-taxpayers-to-itr-discrepancies-tax-filing-freepik-11zon-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-e-campaign-alerting-taxpayers-to-itr-discrepancies-tax-filing-freepik-11zon.jpg 1024w” sizes=”(max-width: 994px) 100vw, 994px” /></p>
<p>According to the statement, as part of the e-campaign, the Department has asked certain taxpayers to calculate their advance tax obligation “correctly” and deposit the required advance tax by March 15 at the latest, via emails and SMS.</p>
<p>According to the release, the Department has identified certain taxpayers whose tax payments are “not commensurate” with the specific financial transactions they made during FY24 (assessment year 2024–25) based on information it has received about those transactions and an analysis of the taxes paid thus far in the current fiscal year.</p>
<p>Information on specific taxpayer financial activities is provided to the Department by a number of sources. “This information is reflected in the Annual Information Statement (AIS) module and is available for viewing by the persons/entities in order to promote voluntary tax compliance and increase transparency,” the announcement said. This research was conducted using the AIS’s “Significant Transactions” value, the statement said.</p>


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